How much you got? Not sure? QuickBooks Online can help! Today’s Technical Tuesday episode covers the ability to track inventory for your business right in the system. QuickBooks Online has everything you need to manage your inventory. Track what’s on hand, get alerts when it’s time to restock and see insights on what you buy and sell. Check out the website for more content www.bcbousa.com
Depending on the type of business you run, you may have inventory that you keep track of. Or inventory that you should be keeping track of and you are not. Either way, in today’s Technical Tuesday episode we are going to cover the ability to track inventory right in QuickBooks Online.
QuickBooks Online has everything you need to manage your inventory. Track what’s on hand, get alerts when it’s time to restock, and see insights on what you buy and sell. These features are only available to customers who have a Plus or Advanced subscription. Obviously not all businesses have inventory that needs to be tracked, but if you do this will make your life easier.
Once you have gone through the steps to turn on inventory tracking in the system (call Dan if you need guidance) you then have to add your inventory products into the system. You can also add non-inventory items, and services so creating estimates, invoices, sales receipts, etc. are a breeze.
After the products have been set up, the system will keep track of your inventory based on purchases you make, and your invoices and sales receipts. As you mark inventory items on your invoice or sales receipt, the system will decrease the amount on hand by that amount. It will also tell you in real-time what your on-hand amount is.
You can set reorder points and low stock inventory alerts so QuickBooks Online can let you know as you need to reorder products. You can order inventory right in QuickBooks. Then, track what you receive from vendors and what’s still on order. When you do, the quantity on hand automatically increases by the number of items you receive.
The system also has a variety of reports available to instantly see what your best sellers are, what you have on-hand, total asset value, etc. You can also utilize the many Apps that integrate with QuickBooks Online including Etsy, Amazon, and Shopify to help streamline your process. There is no longer a need to keep track of inventory in your head or on an Excel spreadsheet. Use the tools QuickBooks Online provides to take your company to the next level.
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